"Tax cuts for the rich" and war spending have not caused disastrous budget deficits

Conventional Wisdom

Bush's tax cuts and military spending have created an astronomical U.S. budget deficit.

Typical Headlines

"Bush Deficit Cut Seen as Flawed"

--New York Times, Sep. 8, 2004

"Cost of Iraq War Could Surpass $1 Trillion"

--MSNBC, Mar. 17, 2006

"U.S. Government Debt Soars"

--CNN, Dec. 3, 2007

Facts

      The average federal budget deficit over the past six years is 1.8% of GDP. This is below the average of the 1970's (2.1%), 1980's (3.0%), and 1990's (2.2%). By the end of 2007 the deficit had dropped to 1.2%.


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    Source: http://www.irs.gov/taxstats/indtaxstats/article/0,,id=96679,00.html

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  on July 29, 2008 3:57 AM | | Comments (0)

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Contrary to what you've heard...

  1. The U.S. economy has been very healthy
  2. China is not an economic threat to America
  3. "Tax cuts for the rich" and war spending have not caused disastrous budget deficits
  4. Defense spending is down, as a percent of GDP
  5. Top earners are carrying more of the tax load than ever
  6. The middle class has benefited from the growing economy
  7. Income disparity has not skyrocketed in recent years
  8. The federal debt is not cause for alarm
  9. The U.S. has been increasing in global economic importance
  10. American manufacturing is healthy
  11. NAFTA has been good for America
  12. Offshore outsourcing is good for America
  13. The dollar is not extremely weak, and currency weakness is not necessarily bad
  14. We are not in Iraq because "Bush lied."
  15. Iraq is not destined to fail
  16. The effort in Afghanistan has been an inspiring success
  17. Gas prices are not up because of Iraq or a conspiracy
  18. The U.N. Oil for food scandal was proven and huge
  19. Bush's foreign policy was neither "go it alone," nor a failure.
  20. Katrina did not expose federal incompetence and apathy.
  21. America's carbon emissions trend has been better than Europe's.
  22. The American health care system is the envy of the world.
  23. How public opinion polls can mislead
  24. Wake up America

Top Rated Comments

© David West

"If you only read one book this year, read this one.”
— Congressman Tom Price

“…the discussion is pointed, accurate, and insightful."
— Michael Fossel,  Michael Fossel, M.D., Ph.D.; Author of Reversing Human Aging

“Keegan and West show clearly how the dominant media culture is damaging our economy by creating a false sense of impending doom.”
— Jed Babbin, Editor of Human Events; author of "In the Words of our Enemies"

"West and Keegan have it right on health care. The free market is the best path to a good health care system."
— Richard L. Scott, Founder of Columbia Health Care (now FCA), Solantic, and Alijor.com

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